Elbit Systems Financial Performance Review
Reconciliation of GAAP to Non-GAAP (Unaudited) Supplemental Financial Data:
(US Dollars in millions, except for share and per share amount)
2017
Year ended December 31,
2018
Six Months Ended June
30,
2019
2020
2020
2021
GAAP gross profit
Adjustments:
1,003.1
976.2
1,136.5
1,165.1
569.9
620.5
Amortization of purchased intangible assets
22.2
19.1
22.0
22.7
11.9
12.3
Covid-19 related expenses and write-offs
56.0
Expenses related to acquisitions
66.6
55.0
Impairment of long-lived assets
3.4
Non-GAAP gross profit
1,025.3
1,061.9
1,213.5
1,247.2
581.8
632.8
Percent of revenues
30.4%
28.8%
26.9%
26.7%
27.1%
26.1%
GAAP operating income
324.4
292.8
321.6
325.7
197.5
201.0
Adjustments:
Amortization of purchased intangible assets
28.6
26.5
36.1
39.4
20.6
21.6
Covid-19 related expenses and write-offs
56.6
Expenses related to acquisitions
66.8
55.0
Impairment of long-lived assets
3.4
Gain from change in holdings
(45.4)
(1.2)
Capital gain
(31.8)
(35.0)
(35.0)
(14.7)
Non-GAAP operating income
353.0
340.7 379.7
390.1
183.1
207.9
Percent of revenues
10.5%
9.2%
8.4%
8.4%
8.5%
8.6%
Elbit Systems™
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